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re: How likely is the USD to lose its world reserve currency status?
Posted on 3/27/23 at 1:23 pm to Corinthians420
Posted on 3/27/23 at 1:23 pm to Corinthians420
quote:
yet the Chinese Yuan is still worth a fraction of the US dollar and every time the dollar drops the Yuan also drops.
That’s what they and others are working to alter.
quote:
this trend of people acting like China is overtaking the US as a world power is a hilarious fascination by "conservatives"
No, it’s just observation of movements and discussing the possible implications.
quote:
you want China to be some utopia you can point to but it isn't.
No, that’s in your head.
quote:
China sucks and is facing the same economic struggles as us. the entire world's economy is fricked since covid.
Not really. And there are greater and more forces at play here than COVID. Energy is just one.
1
Posted on 3/27/23 at 1:25 pm to ShinerHorns
quote:
I’m willing to bet within 5 years the dollar will be worthless.
Nah, you will still be forced to pay taxes using US dollars. So that right there puts a lot of demand on the currency. However if the Eastern part of the world (China, Russia, India, etc.) stops using the dollar to settle trade transactions the demand globally for the dollar will drop and we will feel the impact in terms of inflation.
Posted on 3/27/23 at 1:28 pm to Yaboylsu63
Very unlikely due to the fact that most other currencies no one wants.
Chinese currency is a joke. Even they don't want it.
Peter explains it pretty well.
LINK
Chinese currency is a joke. Even they don't want it.
Peter explains it pretty well.
LINK
Posted on 3/27/23 at 1:28 pm to Yaboylsu63
The Yuan will be the new unit of measure for OPEC. Russia, Brazil, Saudi, Iran are now in bed with China. These are the top producing oil countries.
Posted on 3/27/23 at 1:29 pm to LuckyTiger
quote:
Not really. And there are greater and more forces at play here than COVID. Energy is just one.
if you are gonna find a currency to take over the dollar, you need to pick a better one than the Yuan. China's economy has the same problem as the US.
they just raised their retirement age because they don't have enough younger working people to support their aging population
quote:
China's National Health Commission expects the cohort of people aged 60 and over to rise from 280 million to more than 400 million by 2035 - equal to the entire current populations of Britain and the United States combined.
At present, each retiree is supported by the contributions of five workers. The ratio is half what it was a decade ago and is trending towards 4-to-1 in 2030 and 2-to-1 in 2050.
This post was edited on 3/27/23 at 1:31 pm
Posted on 3/27/23 at 1:40 pm to Yaboylsu63
China doesn’t give a shite about the economy, ours or theirs. They are simply using it to have the wealth to build up their military. They are perfectly capable of brutally suppressing their own businesses once they achieve their power objectives. We are screwed if we think we can appeal to China on economic terms. The only way to beat them is to convince them that we are too powerful militarily for them and would crush them if they went to war. Unfortunately, that is not happening.
Posted on 3/27/23 at 1:44 pm to BabaLooey
quote:
Very unlikely due to the fact that most other currencies no one wants.
Chinese currency is a joke. Even they don't want it.
Peter explains it pretty well.
Peter also says look at history.
quote:
Since 1450 there have been six major world reserve currency periods. Portugal (1450–1530), Spain (1530–1640), Netherlands (1640–1720), France (1720–1815), Great Britain (1815–1920), and the United States from 1921 to today. If you notice the average currency span is 94 years. The US dollar presently has been the world’s reserve currency for roughly 99 years.
LINK
It's almost like the U.S. dollar is due from a historical perspective.
As a country, the way to compete with the dollar is to introduced a commodity backed currency.
I do not see any country with a central bank fiat currency competing with the dollar fiat currency because the U.S. has the military. However if a country introduces a commodity backed currency and it is big enough, that could be a game changer.
Posted on 3/27/23 at 1:47 pm to FriscoTiger1973
quote:
The only way to beat them is to convince them that we are too powerful militarily for them and would crush them if they went to war. unfortunately, that is not happening.
lol you think we should spend more on our military?
This post was edited on 3/27/23 at 1:49 pm
Posted on 3/27/23 at 1:58 pm to Lakeboy7
quote:
n the real world where sane people live? Not very likely.
On a Hate America First site like this one? They think it’s already happened.
There you go projecting again.. saying many on this board hate America yet democrats like yourself are the ones who actually do..
Posted on 3/27/23 at 1:58 pm to Yaboylsu63
We are moving toward a two-system world economic order similar to the cold war but with both sides being near-peers economically and more countries playing both sides. Countries will use less USD over the rest of the decade, but they will be hard pressed to find a viable alternative. There will likely be alot of economic and geopolitical turmoil as we transition to the duo-polar world order. Ultimately the USD alternative order may fail and collapse in just a few years, it may fail due to a massive war with the victor determining it’s will, it may succeed and eventually replace the dollar. All of that to say— the USD will likely diminish over the next seven years, but it’s ultimate fate as the most common reserve is unlikely to be settled anytime soon.
Posted on 3/27/23 at 1:58 pm to GumboPot
Anyone ignoring the work China is doing with BRICS will be a whole lot poorer within the next 5-10 years.
Posted on 3/27/23 at 2:18 pm to LuckyTiger
quote:
Europe’s (Western) imports of Chinese goods are ramping up at a high pace, as is Russia’s.
China is also not only cutting purchases of US debt, they are unloading US debt.
We are seeing the beginnings of a possible world paradigm shift.
Yes Sir.
Posted on 3/27/23 at 2:18 pm to Yaboylsu63
How likely? It's happening right now.
Posted on 3/27/23 at 2:21 pm to SlowFlowPro
quote:
quote:
I’m willing to bet within 5 years the dollar will be worthless.
Then we'll be living in Mad Max
Yes. If the currency of the largest economy in the world was worthless, the world would be in shambles.
Posted on 3/27/23 at 2:22 pm to Lynxrufus2012
quote:
So we will get propped up a while longer.
Does the world's largest economy need to be propped up?
Posted on 3/27/23 at 2:26 pm to Yaboylsu63
More likely it will be a basket of currencies from the BRICs countries. It makes the most sense. There's nothing wrong with competing currencies. Having a single country control the 'reserve' currency is bad for everyone.
Posted on 3/27/23 at 2:31 pm to ShinerHorns
quote:
I’m willing to bet within 5 years the dollar will be worthless.
Perhaps even earlier.
Some presidents (Kenya) advise their citizens to get rid of the dollar as soon as possible and announced a period of two weeks.
Why such a period I do not know.
Added to this is the fact that
Kenya signed an agreement with Saudi Arabia and the United Arab Emirates to buy oil using Kenyan shillings instead of US dollars.....
In Saudi Arabia, idiots sign such agreements if they are more confident in Kenyan candy wrappers than in the dollar?
And there are dozens of such examples.
More recently, Kenya? President William Ruto advised his citizens who still have US dollars to urgently sell them.
Posted on 3/27/23 at 2:52 pm to ShinerHorns
quote:
I’m willing to bet within 5 years the dollar will be worthless.
if you really felt this way wouldn't you just be racking up as much debt as you can right now?
Posted on 3/27/23 at 2:55 pm to ruff fish
Well if the leader of Kenya is saying it, it must be pretty important
Posted on 3/27/23 at 3:14 pm to notiger1997
quote:
Well if the leader of Kenya is saying it, it must be pretty important
Clown response.
Japan, Australia, Mexico, Argentina, Saudi Arabia, Turkey, Indonesia, Iran, Egypt, The UAE, Algeria, the list goes on and on, are all inquiring about Brics membership or have already asked to join. Some very publicly and some very secretively behind closed doors.
With many more countries paying close attention to what's happening.
BRICS is picking up major momentum in every corner of the world with the exception of The U.S and Western Europe. Wake up
This post was edited on 3/27/23 at 3:17 pm
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